New Delhi, April 22 -- Global oil prices traded lower on Wednesday morning after US President Donald Trump announced an extension of the ceasefire with Iran to allow talks to continue toward a "unified proposal".

However, the ongoing US naval blockade of Iran and the prolonged closure of the Strait of Hormuz limited the decline in crude prices.

Around 7 AM, the June contract of Brent on the Intercontinental Exchange was trading at $98.06 per barrel, down 0.43% from its previous close. The May contract of West Texas Intermediate (WTI) on NYMEX fell 0.48% to $89.24 a barrel.

While the ceasefire extension offers short-term relief to markets, the continued blockade of Iran and the prolonged closure of the Strait of Hormuz mean supply-side ...